It is unacceptable that there is no gender or racial diversity in corporate boards. A diverse board can help companies better reflect the demographics of their communities, make better choices from a variety of perspectives and experiences and boost their standing. It is vital that companies as well as federal policymakers hone their efforts on creating equitable systems, and in identifying and attracting talented individuals, and reforming the selection process in order to increase diversity in American corporations.
The focus of many discussions about diversity on boards is the need to correct a skewed representation of the demographics of the company. However, the ultimate goal should be to find candidates who have a diverse variety of skills, talents and experience. Board members with diverse backgrounds can bring new approaches to the table, disrupt the status quo and take more innovative decisions that will create long-term value.
You can select candidates using a combination of factors like the age, education level and professional experience. For instance, if your board is comprised of those with a degree in engineering, you might be considering adding directors with an experience in marketing to help facilitate a more holistic discussion.
Some companies go as far as making a public commitment on diversity. This is an excellent method of holding the senior management and board members accountable. You can also use your board portal to conduct an audit on diversity that will reveal areas where you should increase the diversity of your workforce.
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